IDB in Awe of Jamaica’s Economic Progress

The Inter-American Development Bank (IDB) says they are in awe of what Jamaica has achieved since 2013 in the area of fiscal consolidation.

That’s according to IDB Executive Vice President Julie Katzman.

She says after Jamaica’s most recent 5-percent Eurobond offering last month, Jamaica’s 10-year bond was now trading at around 4.5-percent.

The comments were made during her signing of a $2.5-billion IDB loan agreement.

The signing formalized additional funding support for the Jamaican Government’s Credit Enhancement Facility for micro, small and medium-sized enterprises, MSMEs.

The provision has increased the CEF’s funds, which are managed by the Development Bank of Jamaica, to just over $3-billion, up from some $450-million.

She says the challenge now is how to help SMEs that have difficulty in accessing quality finance; meaning borrowing for multiple years at affordable rates.